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Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below:

April May June Total

Budgeted sales (all on account) $ 593,462 $ 752,000 $464,000 $ 1,809,462

From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $439,000, and March sales totaled $504,496.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M978110

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